‘The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent.’ – Bank Of Canada

Effective June 1, 2021 for both insured and uninsured mortgages a stress test will apply where the minimum qualifying rate will be the greater of the mortgage contract rate plus 2% or 5.25 percent.